The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has reiterated the commitment of President Bola Ahmed Tinubu’s administration to the disbursement of the Cabotage Vessel Financing Fund.
This was a central topic during a meeting with the Director-General of the Nigerian Maritime Administration and Safety Agency, Dr. Dayo Mobereola, who led a delegation from the agency.
Edun emphasized that the disbursement of the CVFF is a priority for the administration, highlighting its potential to stimulate economic growth, create jobs, and solidify Nigeria’s standing as a major maritime hub in Africa. He stressed that the fund’s disbursement is expected to generate positive ripple effects across various sectors of the economy.
Dr. Mobereola, for his part, shared that the Ministry of Marine and Blue Economy had identified the disbursement of the CVFF as a key performance indicator for 2025.
“The Minister of Marine and Blue Economy, Adegboyega Oyetola, CON directed us to engage with the Minister of Finance to resolve all technicalities and establish modalities to fast-track the disbursement of the CVFF to beneficiaries. This administration is committed to unlocking the sector’s full potential,” Mobereola stated.
Mobereola also noted that the funds have been held by the Central Bank of Nigeria since the implementation of the Treasury Single Account.
In a move aimed at speeding up the process, the Finance Minister approved the inclusion of a representative from the Ministry in NIMASA’s in-house committee overseeing the CVFF disbursement. This committee will operate under the supervision of the Ministry of Marine and Blue Economy.
Edun further stressed the need for transparency and regular updates regarding the utilization of the fund, ensuring that contributors and stakeholders benefit from it while positioning Nigeria’s maritime industry for long-term growth.